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Last update: February 8, 2024

4 minutes read

College Ave: Private Student Loan Review

Explore our comprehensive College Ave private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

By Yerain Abreu, M.S.

College Ave Review Snapshot

College Ave logo

BEST FOR:

First-time borrowers

Check rate

VARIABLE APR

5.59% - 16.65%¹

FIXED APR

4.11% - 15.44%¹

Thinking about choosing College Ave for your private student loan? This review will break down key factors like interest rates, eligibility criteria, repayment options, and any unique benefits that make College Ave stand out from the competition. Let's get started.

Our final verdict

College Ave stands out as a highly versatile and competitive lender in the student loan market. Their grace period gives borrowers extra breathing room, which can be crucial. Loan amounts are equally flexible. However, it's not an ideal choice for international students without a Social Security number or DACA recipients, which might be a hurdle for some. Overall, College Ave offers a compelling package for college students.

    About College Ave

    Established in 2014 and headquartered in Wilmington, Delaware, College Ave has quickly risen to prominence in the private student loan market. Specializing solely in student loans and student loan refinancing, the company has designed a user-friendly platform that includes not only loan options but also valuable tools, resources, and scholarship opportunities. This makes it an ideal lender for first-time borrowers or college students.

    The company serves students enrolled in affiliated schools across all 50 states and the District of Columbia. With an application process that only takes a few minutes and offers instant decisions, College Ave combines speed and convenience.

    Refinancing options are also available to potentially lower your interest rate or monthly payments.

    In terms of loan options, College Ave offers a wide range, from as little as $1,000 up to the full cost of your education. Additionally, the company presents multiple repayment plans, appealing to those who appreciate flexibility. There are no origination or prepayment fees, although you may incur late fees if you miss a payment deadline.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    College Ave provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 4.11% to 15.44% or variable rates from 5.59% to 16.65% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    College Ave offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

    • Grace period: 6 months for undergraduate loans and 9 months for most graduate loans.

    College Ave

    Best for: First-time borrowers

    College Ave

    Check My Rate
    VARIABLE APR

    5.59% - 16.65%¹

    FIXED APR

    4.11% - 15.44%¹

    LOAN AMOUNT

    $1,000 - 100% of attendance costs

    TERMS LENGTH

    5 to 15-year

    MIN CREDIT SCORE

    High-600s

    VARIABLE APR

    5.59% - 16.65%¹

    FIXED APR

    4.11% - 15.44%¹

    LOAN AMOUNT

    $1,000 - 100% of attendance costs


    TERMS LENGTH

    5 to 15-year

    MIN CREDIT SCORE

    High-600s

    WHAT WE LIKE

    • Quick application and approval process

    • No application or origination fees

    • Soft credit check for prequalification without impacting

    • Multiple repayment options

    • Co-signer release available

    • Competitive rates

    • No payment required while in school (with the exception of parent loans)

    WHAT WE DON'T LIKE

    • Charges late payment fees

    • Cosigner release only offered after half the repayment term has passed

    • Autopay discount: The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments.

    Eligibility

    Who can benefit from College Ave's loan options? Here are the core eligibility requirements for their private student loans:

    1. Age: You must be at least 16 years old.

    2. Class load: You must be enrolled at least part-time at an accredited college or university

    3. Location: All U.S. states are eligible if you are a U.S. citizen or permanent resident, and international students can apply if they have a U.S. co-signer and Social Security number

    4. School attended: The school must be an accredited college or university

    TuitionHero tip

    If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

    Compare College Ave to other lenders

    Unsure if College Ave is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

    Our top pick

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    Repayment Options
    • Grace period
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: 5 to 15-year

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    Repayment Options
    • Grace period
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: 5 to 15-year

    College Ave

    College Ave

    Disclosures

    Variable APR

    5.59% - 16.65%¹

    Fixed APR

    4.11% - 15.44%¹

    Repayment Options
    • Grace period
    • Immediate repayment
    • Fixed repayment
    • In-school deferment
    Fees
    • No application fees
    • No prepayment penalties
    • No origination fees
    Discounts & Benefits
    Autopay discount: 0.25%
    Loan Details
    Loan amount: $1,000 - 100% of attendance costs
    Term lengths: 5 to 15-year

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Sallie Mae

    Sallie Mae

    Disclosures

    Variable APR

    6.37% - 16.70%¹

    Fixed APR

    4.50% - 15.49%¹

    Earnest

    Earnest

    Disclosures

    Variable APR

    5.62% - 16.20%

    Fixed APR

    4.42% - 15.90%

    Earnest

    Earnest

    Disclosures

    Variable APR

    5.62% - 16.20%

    Fixed APR

    4.42% - 15.90%

    Earnest

    Earnest

    Disclosures

    Variable APR

    5.62% - 16.20%

    Fixed APR

    4.42% - 15.90%

    Ready to get started?

    Compare student loan rates from all the top lenders with zero impact on your credit score.

    Customer service

    College Ave has an A+ rating from the Better Business Bureau and has received a 3.15 out of 5 based on repayment options, affordability, and customer service quality (as of December 2023).

    College Ave offers multiple ways to contact them.

    • Website: www.collegeave.com

    • Email: servicing@collegeave.com

    • Phone: 844-803-0736

    • Hours: Mon - Fri: 9 am to 9 pm ET

    Frequently asked questions (FAQ)

    Here are some of the most common questions we get asked about College Ave.

    No, College Ave is a private student loan provider, and their loans do not offer the same federal benefits as income-driven repayment plans or loan forgiveness programs.

    While College Ave doesn't publicly disclose specific credit score requirements, it's generally advised to have a high credit score, ideally in the high 600s or above. Their prequalification tool allows you to check your eligibility without affecting your credit score.

    Loan denial could be due to various reasons, such as not meeting credit or income requirements or if the school is not eligible for their loans.

    If you don't qualify alone, consider applying with a co-signer with a strong credit history. Doing so may not only increase your chances of approval but may also secure you a more favorable interest rate.

    For specifics, it's best to contact College Ave directly.

    College Ave allows borrowers to take out loans up to the total cost of attendance, covering all academic expenses, including tuition, housing, and books.

    Yes, College Ave offers a six-month grace period for undergraduate loans and a nine-month grace period for most graduate loans, providing some financial breathing room post-graduation.

    You can prequalify for a loan with College Ave through a soft credit inquiry, which will not impact your credit score. However, the formal application process involves a hard credit inquiry, which may affect your credit score slightly.

    College Ave allows you to refinance your existing student loans. They offer various loan terms and the choice between fixed or variable interest rates.

    Final thoughts

    College Ave offers students competitive private student loans with various payment options. Whether you're an undergrad pursuing advanced degrees or a parent seeking to support your child's education, College Ave likely has a loan option that suits you.

    At TuitionHero, we're dedicated to helping you find your way through the maze of student loans. We offer guidance on private loans, refinancing options, scholarships, FAFSA assistance, and even credit cards. Begin your quest for affordable education with TuitionHero and College Ave today.

    Sources


    Author

    Yerain Abreu avatar

    Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

    At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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